The House yesterday approved a housing package that would:
· Authorize the Treasury Department to inject emergency cash into Fannie Mae and Freddie Mac.
· Create a strong new regulator to oversee the two mortgage firms and set pay for their executives.
· Help as many as 400,000 homeowners refinance high-cost mortgages and avoid foreclosure.
· Provide $3.9 billion for hard-hit communities to purchase vacant and foreclosed property.
· Offer a tax break worth up to $7,500 for first-time home buyers who purchase by July 2009.